“The cost of doing business continues to rise – from wages to milk to energy — so our prices have increased slightly. However prices for our most popular Tall and Grande sized drinks, including Latte and Cappuccino, remain the same.”

This morning at our favourite Starbucks on Old Street in London, a grande Earl Grey was up 10 pence to £1.95. The barista behind the counter told a horrified customer that everything in the shop had gone up about 10p, except for the two drinks mentioned in the company’s official statement.

Who says there is no inflation in the eurozone? It’s happening at Starbucks!